IRAs help you save for retirement by offering compound interest that grows over time.
Retirement. It does sound nice, doesn’t it? You no longer have to work – though you may still do so if you choose – and you get to do things you haven’t had the time for. But then there’s the financial side of retirement, and the two questions that are the most daunting for those approaching and planning for retirement:
- Do I have enough money saved up for retirement?
- How can I catch up if I’m behind?
The answer to the first question can be answered by working with a financial planner. The second can be answered by the individual retirement accounts, or IRAs, offered at Peoples Bank & Trust. IRAs offer a place for you to save specifically for retirement, and can grow rapidly due to compound interest.
As with most financial products, there are different types of IRAs, each with their own benefits and intended users. Let’s take a look at the different types of IRA accounts.